证券研究报告 非金融公司|公司点评|巨星农牧（603477） 生猪养殖扭亏为盈，产能稳步增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司披露 2024 年中报，实现营收 22.33 亿元，同比增长 13.13%；归母净利润-0.45 亿元，同 比增长 87.13%。2024 年上半年公司生猪出栏量达 109.45 万头，其中商品猪出栏量 106.18 万 头，同比增长 24.69%，生猪产品实现营业收入 20.39 亿元。截至 2024 年上半年末，公司生产 性生物资产 4.68 亿元，较年初增长 21.09%，产能保持稳健增长。结合公司前期能繁母猪存栏 推断，公司下半年生猪出栏量较上半年或有一定增长。公司持续提升生产效率，带动养殖成绩 逐步改善，考虑下半年猪价表现或较为景气，公司板块业绩或值得期待。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 巨星农牧(6034 ...

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture (603477.SH) [2][4]. Core Insights - The company has a leading cost advantage in the industry and is expanding capacity to drive future growth in output [2]. - In Q2 2024, the company turned a profit, achieving a revenue of 1.284 billion yuan, a year-on-year increase of 18.89%, and a net profit attributable to shareholders of 93 million yuan [2]. - The controlling shareholder, Juxing Group, plans to increase its stake in the company within 12 months, focusing on the development of pig farming [2]. - The company’s breeding costs are among the lowest in the industry, with projections indicating further reductions in the second half of 2024 [2][3]. Summary by Sections Financial Performance - In H1 2024, Juxing Agriculture reported a revenue of 2.233 billion yuan, a year-on-year increase of 13.13%, and a net profit attributable to shareholders of -45 million yuan, with a significant narrowing of losses compared to H1 2023 [2]. - The company’s breeding costs decreased to approximately 14 yuan per kilogram in Q2 2024, with expectations for further reductions in H2 2024 [2][3]. Production and Capacity - The company achieved a significant increase in pig output, with 1.0945 million pigs sold in H1 2024, including 1.0618 million commercial pigs, representing a year-on-year growth of 24.69% [2]. - The company’s biological assets reached 468 million yuan, a 24.14% increase from Q1 2024, supported by an increase in breeding stock [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.971 billion yuan, 12.373 billion yuan, and 14.004 billion yuan, respectively, with corresponding EPS of 1.13 yuan, 3.36 yuan, and 3.22 yuan [4][6]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 72.5% in 2024 and 77.5% in 2025 [6].

证券代码：603477 证券简称：巨星农牧 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|--------------------------------------------------------| | | □特定对象调研 | | 投资者关系活动 | R 业绩说明会 | | 类别 | £ 现场参观 | | | | | 参与单位 | 中信证券、中金公司、华泰证券、长江证券、开源证券、申万 | | | 宏源、天风证券、海通证券、广发证券、国联证券、国泰君 | | | 安、华鑫证券、国海证券、浙商证券、华西证券、方正证券、 | | | 招商证券、西部证券、兴业证券、国盛证券、光大证券、华创 | | | 证券、东兴证券、牧原股份、智子投资、金鹰基金、恒盈资 | | | 本、诚盛投资、火星资产、中再资产、翰聚私募、玄卜投资、 | | | 汇蠡投资、润晖资产、圆信永丰基金、光信基金、彝川资本、 | | | 景泰利丰、衍航投资、长江养老保险、昊青资产、鼎锋资产、 | | | 华 泰 保 兴 基 金 、 | | ...

证券代码：603477 证券简称：巨星农牧 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 投资者关系活动记录表 | | □特定对象调研 | £分析师会议 £媒体采访 | | | --- | --- | --- | --- | | 投资者关系活动 | R 业绩说明会 | □新闻发布会 | □路演活动 | | 类别 | £现场参观 | £其他（电话会 | | | | | 议） | | | 时间 | 2024 年 9 月 | 2 日 11:00-12:00 | | | 会议方式 | | 上证路演中心图文展示+网络文字互动问答 | | | | 董事长：段利锋 总经理：唐春祥 | | | | 上市公司 | 财务总监：陈丽青 | | | | 接待人员姓名 | 董事会秘书：张耕 | | | | | 独立董事：邹雪梅 | | | | 投资者关系活动 | | 一、尊敬的领导，上午好！作为中小投资者，有以下问题：1、 | | | 主要内容介绍 | | 可视化年报显示，公司半年业绩较去年同期增收不增利，但财务 | | | | | 费用率、管理费用率偏高，同时投资净现金流出现负值，能否分 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated industry-leading cost control and is experiencing a release of performance due to increased output [6][7] - The company reported a revenue of 2.233 billion yuan for H1 2024, a year-on-year increase of 13.13%, with a net profit attributable to shareholders of -45 million yuan, reflecting an 87.13% year-on-year improvement [6] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.026 billion yuan, 1.201 billion yuan, and 1.162 billion yuan respectively, with corresponding EPS of 2.01 yuan, 2.35 yuan, and 2.28 yuan [6] Financial Performance - In H1 2024, the company's pig farming revenue was 2.039 billion yuan, with a gross profit of 252 million yuan and a gross margin of 12.38% [7] - The total number of pigs slaughtered in H1 2024 was 1.0945 million, with a year-on-year increase of 24.69% for commercial pigs [7] - The company's complete cost per kilogram decreased to 14.06 yuan in Q2 2024 and is expected to drop to 13.8 yuan in H2 2024 [7] Business Segments - The leather business reported a revenue of 36 million yuan in H1 2024, a year-on-year decrease of 30.41%, with an expected total loss for the year to be within 80 million yuan [8] - The company has a strong financial position with a cash balance of 375 million yuan and a debt-to-asset ratio of 62.25% as of June 2024 [8] Future Outlook - The company is expected to maintain high growth in pig output, with projections for H2 2024 indicating a favorable price environment for pigs [7] - The company aims to increase its breeding stock to 180,000 by the end of 2024, with a current breeding stock of 240,000 [7]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,232,749,174.78, representing a 13.13% increase compared to ¥1,973,689,828.99 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥44,843,627.73, showing an improvement from -¥348,321,299.11 year-on-year[17]. - The net cash flow from operating activities increased significantly to ¥180,437,099.28, a 273.88% improvement from -¥103,772,429.39 in the previous year[17]. - The total assets of the company at the end of the reporting period were ¥8,132,428,193.45, up 5.33% from ¥7,720,965,323.92 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased slightly by 1.05% to ¥3,035,332,629.22 from ¥3,067,569,979.28[17]. - The basic earnings per share for the first half of 2024 were -¥0.09, an improvement from -¥0.69 in the same period last year[18]. - The weighted average return on net assets increased by 8.50 percentage points to -1.47% from -9.97% year-on-year[18]. Industry Overview - In 2023, China's pork production reached 57.94 million tons, maintaining a global market share of approximately 50%[22]. - The per capita pork consumption in China increased to 30.50 kg in 2023, a year-on-year growth of 13.2%, marking a ten-year high[22]. - The company operates in the pig farming industry, which is significantly impacted by animal disease outbreaks, affecting production and consumption patterns[21]. - The market for pork in China is substantial, with the country being the largest producer and consumer of pork globally[22]. - The pig farming industry in China is experiencing a significant recovery, with market prices showing signs of warming since May 2024 after a period of volatility due to animal diseases[25]. Operational Challenges - The company faced significant risks including price fluctuations in livestock products and changes in environmental policies[5]. - The reliance on imported breeding stock remains a challenge, with China importing 31,686 and 22,325 breeding pigs in 2020 and 2021 respectively, highlighting the need for advancements in breeding technology[25]. - The company is exposed to raw material price volatility, particularly for corn and soybean meal, which affects the cost structure of its main business[54]. - Animal diseases pose a major risk, potentially leading to decreased efficiency and increased costs due to necessary interventions[54]. - Environmental policy changes could increase compliance costs, impacting overall profitability[54]. Strategic Focus - The company is focusing on expanding its market presence and enhancing its operational efficiency in response to industry challenges[21]. - The strategic emphasis is on leveraging government support and optimizing asset management to mitigate non-recurring losses[20]. - The company aims to enhance food safety and quality in the feed industry, aligning with national standards and consumer awareness[29]. - The company plans to actively explore customer acquisition and optimize product structure in response to the leather business's declining demand[37]. - The company is committed to strict internal controls and the safe use of raised funds for project construction[37]. Research and Development - The company has invested heavily in R&D, focusing on key technologies such as genetic breeding, precise nutrition, and biosecurity, with a dedicated research institute comprising five specialized departments[35]. - The introduction of high-quality breeding pigs from PIC has enhanced the company's breeding capabilities, resulting in lower costs for piglets and improved growth rates and feed conversion[35]. - The company has developed optimal feed formulas for different growth stages of pigs, leading to increased feed conversion rates and reduced feed costs[35]. Environmental Compliance - The company has implemented a comprehensive wastewater treatment system using a three-stage treatment technology, ensuring compliance with environmental standards[64]. - The company has achieved gold certification from BLC-LWG for its environmental protection efforts, meeting both international and domestic standards[62]. - The company has established strict pollution prevention measures, including real-time monitoring systems for CODcr and ammonia nitrogen in wastewater[67]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[68]. Financial Management - The company has established a procurement management system for its leather business, ensuring quality and stability in raw material supply[33]. - The company has a strong supply chain advantage in the leather business, ensuring stable and low-cost raw material supplies[36]. - The company has maintained a high proportion of double-negative breeding pigs, significantly improving breeding efficiency and food safety in pork production[35]. - The company has reported a total guarantee amount of approximately ¥2,043.31 million, which accounts for 67.32% of the company's net assets[88]. Shareholder and Governance - The company has undergone management changes, appointing a new financial director and a new employee representative supervisor[57]. - The company has not proposed any profit distribution or capital reserve transfer plans for the current period[58]. - The company is focused on maintaining transparency and compliance with the China Securities Regulatory Commission and Shanghai Stock Exchange regulations[74]. - The company’s board members and senior management have pledged to comply with internal regulations and not misuse company assets for personal investments[78]. Financial Reporting - The financial report was approved by the board of directors on August 30, 2024, indicating a commitment to transparency and compliance with accounting standards[152]. - The company operates under the assumption of going concern, with sufficient financial support and no significant doubts about its ability to continue operations for the next 12 months[154]. - The accounting policies are aligned with the relevant accounting standards, ensuring accurate reflection of the company's financial status and operational results[156].

乐山巨星农牧股份有限公司 募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求（2022 年修订）》（证监会公告[2022]15 号）和《上海证券交易所上市公司自律监 管指引第 1 号——规范运作（2023 年 12 月修订）（上证发〔2023〕193 号）》等有关规定， 乐山巨星农牧股份有限公司（以下简称"公司"或"本公司"，曾用名"四川振静股份有限 公司"）董事会编制了截至 2024 年 6 月 30 日的《关于公司募集资金存放与实际使用情况的 专项报告》。 截至 2024 年 6 月 30 日，本公司分别于： 2017 年 11 月经中国证券监督管理委员会证监许可[2017] 2130 号文《关于核准四川振静 股份有限公司首次公开发行股票的批复》核准首次公开发行股票募集资金； 2021 年 3 月经中国证券监督管理委员会证监许可[2021]647 号文《关于核准乐山巨星农 牧股份有限公司非公开发行股票 ...

1、2024 年半年度报告编制和审议程序符合法律法规、公司章程和公司内部管 理制度的各项规定。 2、2024 年半年度报告的内容和格式符合上海证券交易所的各项规定，所包含 的信息从各个方面真实地反映出了公司 2024 年半年度的经营管理和财务状况。我们 保证公司 2024 年半年度报告内容真实、准确和完整，承诺其中不存在任何虚假记载、 误导性陈述或重大遗漏，并对其内容真实性、准确性和完整性承担个别及连带责任。 | 证券代码：603477 | 证券简称：巨星农牧 公告编号：2024-079 | | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | 乐山巨星农牧股份有限公司 第四届监事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 乐山巨星农牧股份有限公司（以下简称"公司"）第四届监事会第十五次会议通 知于 2024 年 8 月 19 日以专人送达、电子邮件或传真等方式发出，会议于 2024 年 8 月 30 日以现场会议方式召开。会议由公司监事会主席岳良泉先 ...

审议通过了《公司 2024 年半年度报告》及摘要，具体内容详见公司于同日在上 海证券交易所网站（http://www.sse.com.cn）及指定媒体上披露的相关公告。 | 证券代码：603477 | 证券简称：巨星农牧 公告编号：2024-078 | | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | 乐山巨星农牧股份有限公司 第四届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 乐山巨星农牧股份有限公司（以下简称"公司"）第四届董事会第二十次会议通 知于 2024 年 8 月 19 日以专人送达、电子邮件或传真等方式发出，会议于 2024 年 8 月 30 日以现场会议方式召开。会议由公司董事长段利锋先生召集并主持，应到董事 9 人，实到董事 9 人，公司全体监事、高级管理人员列席了本次会议。会议的召集、 召开符合有关法律、行政法规、部门规章和《公司章程》的规定。 二、会议审议情况 （一）审议通过了《公司 2024 年半年度报告》及摘要 表决结果 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于乐山巨星农牧股份有限公司 2024 年第三次临时股东大会的 法律意见书 国枫律股字[2024]A0431 号 致：乐山巨星农牧股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《乐山巨星农牧 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出 ...